It is not correct to state only taxpayers have borne the burden of rescuing the Irish banks. Holders of equity in the banks have been effectively wiped out in falling markets. Also, holders of subordinated debt have incurred a €15.5 billion share of the burden to date, including €5.6 billion since the Government took office less than a year ago. To impose burden sharing on senior bondholders or postpone the repayment of the bond at this point would not be in the country's best interests. What is in the interests of the people is that we regain financial independence and that we place ourselves in a position to grow the economy and create jobs. Reputation, reliability and commitment are essential elements of this proposition and reneging on senior debt would not enhance the Irish position.

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